Advocacy
CHLA Urges Fannie and Freddie to Purchase Loans with Post-closing forbearance – to stabilize Correspondent Lending
CHLA sent a letter to FHFA, Fannie Mae, and Freddie Mac asking the GSEs to purchase properly underwritten loans (and not demand repurchase on loans) that go into forbearance after a loan closing. The purpose is to stabilize aggregator pricing and purchasing of conventional loans, and to address the growing financial risks of correspondent lenders being stuck with unsaleable loans because of such forbearance.
CHLA Asks Top Federal Officials for Small IMB Lender Protections to Sell Loans in Wake of Forbearance
CHLA today sent a joint letter to Federal Reserve Chairman Powell, Treasury Secretary Mnuchin, HUD Secretary Carson, and FHFA Director Calabria, asking that any credit facility or advances made available to mortgage servicers that purchase loans from correspondents be condition on prohibiting refusals to buy loans or imposing inferior terms and conditions solely due to forbearance status.
CHLA Writes Top Mortgage Regulators Seeking Action and Offering Solutions to Concerns about Small IMB Liquidity
CHLA today wrote a joint letter to Treasury Secretary Mnuchin, HUD Secretary Carson, and FHFA Director Calabria asking for quick action to ensure the liquidity of smaller IMB servciers in the wake of coronavirus and a 2-month foreclosure moratorium – offering solutions to increased advance responsibilities such as Ginnie Mae advances or guarantees of bank loans to IMBs for that purpose.
CHLA Writes FHFA to Seek Suspension of Increased Net Worth and Liquidity Requirements Due to Coronavirus; Also Seeks Small IMB exemption due to their lower financial & systemic risk.
CHLA today wrote the FHFA asking for a suspension of implementation of pending increased net worth and liquidity requirements for GSE servicers, arguing that it would harm access to credit for lenders and borrowers, in the middle of the coronavirus crisis. The CHLA letter also argued that smaller IMBs should be exempt from the requirements, due to their significantly lower financial and systemic risk relative
CHLA Joins Broad Coalition in CFPB Letter Outlining Proposal to Preserve QM Ability to Repay, With Appropriate Flexibility
CHLA joined with a broad coalition including the National Association of Realtors, consumer groups, USMI, and other small lender groups in offering a proposal to retain essential elements of the QM Ability to Repay standard, but with a more flexible Debt to Income (DTI) which includes other underwriting criteria in the form of Compensating Factors
CHLA Issues Comprehensive “Report on Ginnie Mae”
CHLA releases a comprehensive “Report on Ginnie Mae” – which explains why smaller IMB issuers pose no significant financial or systemic risk to Ginnie – and concludes that Ginnie Mae should not tighten supervision of smaller IMBs.
INSIDE mortgage finance: CHLA, other groups weigh in on gse financial requirements
An Inside Mortgage Finance article about FHFA’s Listening Session on proposed increases in GSE seller/servicer financial requirements highlights CHLA’s presentation by Taylor Stork (Developers Mortgage)
National Mortgage news: Margin call requirement in FHFA proposal draws concern
A National Mortgage News story quotes Taylor Stork of Developers Mortgage highlighting CHLA’s call to exempt all smaller seller/servicers from FHFA’s proposed 2% TBA hedging
HOUSING WIRE: FHFA gets blowback on proposed liquidity requirements
A Housing Wire article on the FHFA Listening Session on GSE seller/servicer financial requirement cites CHLA Exec. Dir. Scott Olson pointing out that the 2%